BMW pays $4.2b to take control of Chinese JV

BMW pays $4.2b to take control of Chinese JV

The hubcap of a Bayerische Motoren Werke AG (BMW) X2 crossover vehicle is seen during the 2018 North American International Auto Show (NAIAS) in Detroit, Michigan, U.S., on Tuesday, Jan. 16, 2018. After auto executives spent years trying to convince the world they can beat Silicon Valley to electric cars and autonomous driving, they are finally getting a chance to crow once again about what they do best: trucks. Each of the hometown brands will pull the cover off of a new flatbed, while at least three of the luxury brands roll out new SUVs. Photographer: Andrew Harrer/Bloomberg Photo by Bloomberg

BMW will pay 3.7 billion euros ($4.2 billion) to take majority control of its Chinese joint venture after securing the necessary licence from Beijing, as global automakers seek a tighter grip on business in the world’s biggest car market.